MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZENITH THERMAL EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
Stone Acre, Plot No. 42 Road No. 1, Banjara Hils, Hyderabad – 500034,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.10.2001 |
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Com. Reg. No.: |
037973 |
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CIN No.: [Company
Identification No.] |
U74210AP2001PTC037973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDZ00058C |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Industrial Boilers, Thermal Fluid Heaters and Burners
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RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Closed Operations |
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Comments : |
Mr. Prasad, Accountant of the company informed that no activities are
carried out under the company since last 1 month. It is proposed to be taken
over by some other company. The takeover procedure is in progress and it is
expected to be completed with a months time. He however declined to divulge
the name of the other entity who wants to takeover the subject. In view of the above, subject can be considered for any business
dealings on fully safe and secured trade terms and conditions only. |
LOCATIONS
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Registered Office : |
Stone Acre, Plot No. 42 Road No. 1, Banjara Hils, Hyderabad – 500034,
Andhra Pradesh |
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Head Office : |
Stone Acre, 8-2-618/B, Road No. 11, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh |
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Tel. No.: |
91-40-23326111 |
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Fax No.: |
91-40-23398681 |
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E-Mail : |
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Website: |
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Factory 1 : |
Works: 99 AA, Thimmapur,
Kothur, Dt Mehboobnagar, Andhra Pradesh |
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Tel. No.: |
91-8548-257791 |
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Fax No.: |
91-8548-257791 |
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Mumbai Office: |
Ms N Menezes SM House, 11 Sahakar Road, Vile
Parle E, Mumbai 400 057 Tel: 91-22-8208440 Fax: 91-22-8362697 Representative - Calcutta Ms P Bhattacharyya Tel:91-33-4766939 SPA Consul-Tech Services Representative - Ahmedabad Mr KP Shah Anand Corporation Tel: 91-79-5460118 Fax: 91-79-5466804 |
DIRECTORS
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Name : |
Mr. Vijaya S Naik |
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Designation : |
Director |
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Address : |
82 618/B, Road No. 11, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh |
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Date of Birth/Age : |
12.09.1957 |
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Date of Appointment : |
19.10.2001 |
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Name : |
Mr. B Subhas Naik |
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Designation : |
Director |
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Address : |
82 618/B, Road No. 11, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh |
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Date of Birth/Age : |
28.07.1946 |
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Date of Appointment : |
17.04.2002 |
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Name : |
Mr. H Noor Ahmed |
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Designation : |
Director |
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Address : |
Mubarak Mazil, Cantont Ment, Bellary, Karnataka |
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Date of Birth/Age : |
14.06.1955 |
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Date of Appointment : |
19.10.2001 |
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Name : |
Ms. Nafisa Noor |
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Designation : |
Director |
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Address : |
Mubarak Manzil, Cantont Ment, Bellary, Karnataka |
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Date of Birth/Age : |
22.04.1956 |
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Date of Appointment : |
19.10.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Vijaya S Naik |
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3300 |
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Mr. H Noor Ahmed |
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3400 |
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Ms. Nafisa Noor |
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3300 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial Boilers, Thermal Fluid Heaters and Burners
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GENERAL
INFORMATION
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Customer |
. Ministry of Merchant Marine,U.S.S.R . Orchid Health Care, Chennai . HBLNIFE, Hyderabad . TM Tyres, Hyderabad . EID Parry, Chennai |
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Bankers : |
The Karnataka
Bank Limited, S D Road, Secunderabad, Andhra Pradesh |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
Latha and Ravi Chartered Accountant |
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Name : |
2nd Floor, Shyam Apartments 6-3-563/F, Erramanzil,
Hyderabad – 500082, Andhra Pradesh |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- Each |
Rs. 8.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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610000 |
Equity Shares |
Rs. 10/- Each |
Rs. 6.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.100 |
6.100 |
6.100 |
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2] Share Application Money |
6.651 |
6.651 |
6.751 |
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3] Reserves & Surplus |
1.006 |
1.006 |
1.006 |
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4] (Accumulated Losses) |
(11.338) |
(8.043) |
(1.037) |
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NETWORTH |
2.419 |
5.714 |
12.820 |
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LOAN FUNDS |
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1] Secured Loans |
24.557 |
31.264 |
24.618 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
24.557 |
31.264 |
24.618 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.976 |
36.978 |
37.438 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.534 |
21.425 |
22.276 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.585
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22.092 |
12.932 |
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Sundry Debtors |
8.884
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7.913 |
7.756 |
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Cash & Bank Balances |
1.107
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0.803 |
0.955 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.921
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4.582 |
1.908 |
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Total
Current Assets |
27.497
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35.390 |
23.551 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.123
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19.921 |
9.046 |
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Provisions |
0.000
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0.000 |
0.533 |
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Total
Current Liabilities |
21.123
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19.921 |
9.579 |
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Net Current Assets |
6.374
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15.469 |
13.972 |
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MISCELLANEOUS EXPENSES |
0.068 |
0.084 |
1.190 |
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TOTAL |
26.976 |
36.978 |
37.438 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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18.88
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8.95 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.30
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1.77 |
2.45 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ZENITH THERMAL EQUIPMENTS PRIVATE LIMITED |
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Presented
By |
Mr. B Subhashchandra Naik |
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1) Date and description of instrument creating the change |
Take delivery Letter
dated 30.01.2006 Take delivery
Letter dated 30.01.2006 General Power of
Attorney 30.01.2006 Guarantee Letter
dated 30.01.2006 Hypothecation
Agreement dated 30.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Post shipment
loan of Rs. 2.464 Millions Pre Shipment Loan
of Rs. 1.850 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of plate
bending machine radial drilling machine, bending machine, 125 KVA genset,
Cranes, Welding machine, Tif Welding machine, Air plasma cutting machine pus
cutting machine, weighting machine |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@8% |
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5) Name and Address and description of the person entitled to the charge. |
The Karnataka
Bank Limited, S D Road, Secunderabad, Andhra Pradesh |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
As per website details
Pioneers of high thermal efficiency Boilers since 1983. Zenith is a synergy of Internationally accepted standards of Technology, Quality and Professional Excellence. They specialise in manufacture of smoke tube packaged Boilers in wet back construction from 500Kgs/hr to 27000 Kgs/hr suitable for firing with Oil/Gas/Husk/Coal and fuel as per IBR / ISO 831 with conventional Babcock UK design.
They also manufature Thermic Fluid Heaters from 50,000 K Cal/hr to 5,00,000 K Cal/hr suitable for Oil/Gas/Husk/Coal based on designs from Apparatebau Wiesloch, Germany.
Their 300 Clients in India, Malaysia and CIS countries are their satisfied customers.
They manufacture incinerators for solid / liquid waste. They are also associated with DUNPHY Combustions, UK leaders in Burner Technology & Combustion Engineering.
Zenith is managed by a team of professional engineers and managers with support and technical services from leading British and German companies.
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President / CEO |
Mr. B. Subash Naik |
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Vice President |
Mr. P. Sen |
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Email |
info@zeniththermal.com |
Products
v Boilers - High Thermal efficient industrial & Marine 550 Kg/Hr - 27000 Kg/Hr Oil/Gas/Coal/Husk or Dual
v Thermal Fluid Heaters - 50,000 KCal/Hr - 5,00,000 KCal/Hr
v Reactor Vessels - 30 HP/20 KL
Other Products:
Burners / Combustion Equipment
SS Storage Tanks
Hot Air Generators
Sulphur Burning Oven
Electro Static Precipitator
Heat Exchangers SS/C
Absorption Tower for Caustic Soda/Sulphuric Acid
SS Cyclone
Heat Recovery Boilers
Economizers
Thermal Oxidizers
Fire Heaters
Steam Air Heaters
Incinerators
Technical
tips
Zenith Thermal:
High Quality High Performance Energy Efficient Low NOx Eco friendly Thermal
Solutions ZTE/Tips
Three pass wetback design manufactured to the latest Class 1 IBR Specifications for long term efficiency low maintenance operation / high fuel savings
Boiler Efficiency Tips
Economizers
Exhaust Gas & Fuel Gas can preheat feed water. A 60 degree C raise in feed water
temperature corresponds to a 1% savings in fuel consumption. Chemical required
for the Water Treatment Plant is also lower. A reduction in fuel gas
temperature increases boiler efficiency by 1%. The boiler is more efficient and
saves cost.
Quality Water
Treatment Plant
A Quality water treatment plant is vital. Scales formed on tubes can lead to
18% increase in fuel usage. Also prevents tube failure, expensive repairs and
down time.
Electronic Control & Digital Combustion
(Dunphy's)
Combustion Technology can enhance the efficiency of boilers and considerably
reduce fuel consumption. Gas fired boilers can use Ratiotronics / Oxygen Trim.
Reduce fuel consumption by 5% and electrical consumption by 25% using variable
speed combustion air fan.
Insulation
Incorrect insulation work will result in considerable heat loss and increased
fuel usage. A bare steam pipe 150 mm dia. and 100 m length, carrying saturated
steam at 8 kg/cm2 would waste 25KL oil in a year. 50 mm Rockwool / equivalent
with Aluminium or GI cladding will save waste.
Preventive
Regular and preventive maintenance will save fuel and increase boiler
efficiency. A 3 mm thick soot deposit on heat transfer surface can cause a 2.5%
increase in fuel usage. A 3 mm dia. hole on a pipe line carrying 7 Kg/cm2 steam
would waste 32 KL of fuel oil per year.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.27 |
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Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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10 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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